The report describes the U.S. supply "shock" that is sending
"ripples" throughout the world, affecting every aspect of the
market.

This chart from the report drives home how significant the
expansion of North American supply (dark green bar) will be
relative to the growth expected from the rest of the world in the
next few years.

IEA

Here's the key part from the press release announcing the report:

The supply shock created by
a surge in North American oil production will be as
transformative to the market over the next five years as was the
rise of Chinese demand over the last 15, the International Energy
Agency (IEA) said in its annual Medium-Term Oil Market Report
(MTOMR) released today. The shift will not only
cause oil companies to overhaul their global investment
strategies, but also reshape the way oil is transported, stored
and refined.

According to the MTOMR, the effects of continued growth in North
American supply – led by U.S. light, tight oil (LTO) and Canadian
oil sands – will cascade through the global oil market. Although
shale oil development outside North America may not be a
large-scale reality during the report’s five-year timeframe, the
technologies responsible for the boom will increase production
from mature, conventional fields – causing companies to
reconsider investments in higher-risk areas.

In virtually every other aspect of the market, developing
economies are in the driver’s seat. This quarter, for the first
time, non-OECD economies will overtake OECD nations in oil
demand. At the same time, massive refinery capacity increases in
non-OECD economies are accelerating a broad restructuring of the
global refining industry and oil trading patterns. European
refiners will see no let-up from the squeeze caused by increasing
U.S. product exports and the new Asian and Middle Eastern
refining titans.

“North America has set off a supply shock that is sending
ripples throughout the world,” said IEA Executive
Director Maria van der Hoeven, who launched the report at the
Platts Crude Oil Summit in London. “The good news is that this is
helping to ease a market that was relatively tight for several
years. The technology that unlocked the bonanza in places like
North Dakota can and will be applied elsewhere, potentially
leading to a broad reassessment of reserves. But as companies
rethink their strategies, and as emerging economies become the
leading players in the refining and demand sectors, not everyone
will be a winner.”

While geopolitical risks abound, market fundamentals suggest a
more comfortable global oil supply/demand balance over the next
five years. The MTOMR forecasts North American supply to
grow by 3.9 million barrels per day (mb/d) from 2012 to
2018, or nearly two-thirds of total forecast non-OPEC
supply growth of 6 mb/d. World liquid production capacity is
expected to grow by 8.4 mb/d – significantly faster than demand –
which is projected to expand by 6.9 mb/d. Global refining
capacity will post even steeper growth, surging by 9.5 mb/d, led
by China and the Middle East.